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Their subsequent agreement will consolidate the e-health industry, create a sizeable super-network and bring one step closer the linking together of participants across the healthcare and healthcare insurance industries, thereby improving efficiency while at the same time reducing administration costs. This objective aligns closely with that of the SAR's and other regional governments, who seek uniform communication in private healthcare, to ease linkages with publicly-funded care delivery.
According to the MOA, (i) EHA will acquire iClaims21 Limited, a company in which i21 owns a 70% interest and HIH 30%; (ii) iBusiness will introduce business partners and customers to EHA by leveraging the marketing channels and customer bases of the shareholders of iBusiness, namely Cheung Kong (Holdings) Limited, The Hongkong and Shanghai Banking Corporation Limited, Hutchison Whampoa Limited and Hang Seng Bank Limited; (iii) Excel will develop and provide EHA with the comprehensive iPolicy21 software solution - a fully integrated end-to-end application that covers the entire medical insurance processing cycle from quotation, policy administration, and policy renewal to claims submission and processing; Excel is a leading publicly listed business application solutions provider in the banking and finance sector in Hong Kong and is well-known for its software development capability.
EHA is Asia's only publicly listed group of e-health companies. It offers a comprehensive range of services to support healthcare professionals and industry practitioners in areas such as medical claims and administration. It presently provides transaction services to 670 Hong Kong doctors, with its rollout programme to cover a further 900 during 2001. Its services are supplied to over 5,000 Australian doctors and it also operates in Singapore and Taiwan. EHA provides connectivity and transaction services, business and health professional technology solutions. It is also engaged in specialist medical equipment distribution and the provision of marketing services for healthcare and insurance companies.
Commenting on the cooperation, Mr Brian O'Connor, Chairman of EHA and Quality HealthCare, said, "We are very excited about this convergence of strengths in EHA. We are confident that with the incorporation of iClaims21 into EHA's clearing system and products, the highly compatible platform of Excel's iPolicy21 software, plus the strong marketing channels and extensive customer network of iBusiness's shareholders, EHA will be the strongest, and most comprehensive and efficient healthcare management and insurance solutions provider in Asia."
Ms Peggy Chan, Chairman and CEO of Excel, said, "Excel is looking forward to providing professional software development skills and provisioning of the iPolicy21 software to EHA. This will enable EHA to become a super-provider of administration, insurance, marketing and other support services to medical professionals. Excel is honoured to be the development company for both iClaims21 and iPolicy21."
Mr Edmond Ip, CEO and Executive Director of iBusiness commented, "iBusiness epitomizes strong alliances. Excel is well known for its technical capability; and Quality HealthCare is the No.1 healthcare operator in Hong Kong. Together, we will make EHA the most dominant player in the region."
The total consideration involved in the MOA which includes service provision and acquisition amounts to HK$120 million. The consideration will be settled by the issuance of HK$80 million worth of new shares (valued at HK$0.25 each) and HK$40 million worth of convertible notes (with a conversion price of HK$0.40 per share) to iBusiness, Excel, i21 and HIH.
As a result of the new issue, QHA's shareholding in EHA will be 53.9%; iBusiness, Excel, i21 and HIH will in aggregate hold 10.9% of EHA immediately after the transaction. Upon full conversion of the convertible notes, QHA's interest will be reduced to 52.1%..
About ehealthcareasia Limited (EHA) www.eha.net
Listed in Hong Kong, ehealthcareasia (stock code: 835) is Asia's only public group of e-health companies. From its Hong Kong headquarters, its offices in Singapore and Australia, and its operating bases in Taiwan and Korea, EHA provides tailored services that offer greater efficiency to the Asian healthcare and healthcare insurance services community.
EHA's regional websites www.eha.net (South East Asia) and www.medweb.com.au (Australia), details further information and healthcare content for medical professionals and the general public.
About Quality HealthCare Asia Limited (QHA)
Quality HealthCare (stock code: 593) is Hong Kong's first listed, and leading, integrated healthcare provider. While continually introducing new and improved services and products, the company is today caring for more than 430,000 Hong Kong people at 330 Western and Chinese medicine, dental, physiotherapy, footcare, nursing and elderly care centres.
Its team of almost 900 healthcare professionals is the largest private sector healthcare operator in Hong Kong.
About iBusiness Corporation Limited (iBusiness)
iBusiness Corporation Limited was established early in year 2000 by four blue chip companies: Cheung Kong (Holdings) Limited, The Hongkong and Shanghai Banking Corporation Limited, Hutchison Whampoa Limited and Hang Seng Bank Limited. The Internet joint venture intends to be the dominant service provider and business facilitator to develop e-commerce business on the Internet. Cheung Kong and Hutchison jointly hold approximately 75% of iBusiness, while HSBC and Hang Seng hold approximately 25% of the joint venture.
Excel Technology International Holdings Limited (Excel) www.excel.com.hk
Excel (stock code: 8048) is a leading publicly listed business application solutions provider in the banking and finance sector in Hong Kong. Since its establishment in 1988, it has employed over 200 IT professionals specializing in enterprise software development, e-commerce solutions and ASP operation.
About i21 Limited (i21) www.i21.com.hk
i21 Limited is a joint venture of iBusiness Corporation Limited and Excel Technology International (Hong Kong) Limited (Excel, stock code 8048). i21 is a trusted Application Service Provider (ASP) which aims to provide premier cost-effective, quality and reliable on-line software solutions, together with all the required hardware equipment, database and responsive customer support services, to businesses across different market segments. The first three i21 ASP offerings launched in year 2000 include iStock21-an integrated stock trading application; iHR21-a comprehensive set of human resources management solution; and iClaims21-an online medical claims processing solution. Upcoming service launches will include iAccount21, iERP21, and iCRM21.
About HIH Insurance (Asia) Limited (HIH) www.hih.com.hk
HIH is part of a global operation with a strong presence in Asia. Its services range from commercial and special risk cover to domestic, personal accident, sport and travel insurances.
For more information:
Wendy Tong Barnes
Cheung Kong (Holdings) Limited
Tel: +852 2122 2150
Sophia Lau
iBusiness Corporation
Tel: +852 2126 6624
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